Nevada Revised Statutes 119A.390 – Reservation to purchase time share
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A reservation to purchase a time share must:
Terms Used In Nevada Revised Statutes 119A.390
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
1. Be on a form approved by the Division;
2. Include a provision which grants the prospective purchaser the right to cancel the reservation at any time before the execution of the contract of sale with the full refund of any deposit;
3. Provide for the placement of any deposit in escrow until a permit is issued by the Administrator pursuant to NRS 119A.320;
4. Guarantee the purchase price for the time share for a certain period after the issuance of the permit to sell time shares; and
5. Require that any interest earned on the deposit for the reservation be paid to the prospective purchaser.